Can I retire at age 56 with 948,000?

Use the below retirement simulation to view the chances of a successful retirement.
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $948,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%19%
1 years$78,285$77,588$76,907$76,243$75,595$72,855
2 years$38,755$38,033$37,334$36,655$35,998$33,267
3 years$25,580$24,855$24,157$23,485$22,838$20,203
4 years$18,994$18,271$17,580$16,920$16,288$13,769
5 years$15,043$14,325$13,643$12,996$12,382$9,985
6 years$12,410$11,697$11,026$10,393$9,798$7,524
7 years$10,530$9,823$9,162$8,545$7,968$5,818
8 years$9,121$8,420$7,770$7,168$6,610$4,581
9 years$8,025$7,331$6,693$6,106$5,567$3,657
10 years$7,149$6,462$5,835$5,263$4,743$2,949
11 years$6,433$5,753$5,137$4,580$4,079$2,396
12 years$5,837$5,164$4,559$4,018$3,535$1,960
13 years$5,333$4,666$4,073$3,547$3,083$1,610
14 years$4,901$4,242$3,660$3,149$2,702$1,328
15 years$4,527$3,875$3,304$2,808$2,379$1,100
16 years$4,200$3,555$2,996$2,514$2,103$912
17 years$3,912$3,274$2,726$2,259$1,864$759
18 years$3,656$3,025$2,488$2,036$1,658$632
19 years$3,427$2,804$2,278$1,840$1,478$527
20 years$3,222$2,606$2,091$1,666$1,320$440
21 years$3,036$2,427$1,923$1,512$1,181$368
22 years$2,868$2,265$1,772$1,375$1,059$308
23 years$2,714$2,119$1,636$1,252$950$258
24 years$2,573$1,985$1,513$1,142$854$216
25 years$2,444$1,863$1,402$1,043$769$181
26 years$2,325$1,751$1,300$954$692$152
27 years$2,215$1,648$1,207$873$624$127
28 years$2,113$1,553$1,122$800$563$107
29 years$2,018$1,465$1,044$733$509$90
30 years$1,930$1,383$973$673$460$75
31 years$1,847$1,308$907$618$415$63
32 years$1,770$1,237$846$568$376$53
33 years$1,698$1,172$790$522$340$45
34 years$1,630$1,111$738$481$308$37
35 years$1,566$1,053$690$442$279$31
36 years$1,506$1,000$646$407$253$26
37 years$1,449$950$604$375$229$22
38 years$1,395$902$566$346$208$19
39 years$1,344$858$530$319$188$16
40 years$1,296$816$497$294$171$13
41 years$1,250$777$466$272$155$11
42 years$1,207$740$437$251$141$9
43 years$1,166$705$410$231$128$8
44 years$1,126$672$385$214$116$7
45 years$1,089$641$362$197$105$6
46 years$1,053$612$340$182$95$5
47 years$1,019$584$319$168$87$4
48 years$987$557$300$156$79$3
49 years$955$532$282$144$72$3
50 years$926$508$265$133$65$2

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $948,000, adding $4,787 every year, while hoping to spend $48,698 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 50/36/14 Blend
55$948,000$948,000$948,000$948,000
56$1,049,634$999,390$984,696$1,097,871
57$1,104,882$996,546$965,869$1,128,677
58$1,164,134$991,930$944,779$1,156,649
59$1,227,745$985,404$921,299$1,185,961
60$1,296,109$976,823$895,296$1,216,754
61$1,369,654$966,029$866,630$1,249,185
62$1,448,853$952,859$835,157$1,283,431
63$1,534,224$937,137$800,723$1,319,692
64$1,626,338$918,680$763,170$1,358,186
65$1,725,819$897,290$722,331$1,399,162
66$1,833,355$872,760$678,032$1,442,895
67$1,949,703$844,870$630,091$1,489,692
68$2,075,692$813,388$578,318$1,539,895
69$2,212,236$778,068$522,516$1,593,887
70$2,360,340$738,649$462,476$1,652,093
71$2,521,108$694,856$397,982$1,714,985
72$2,695,754$646,397$328,808$1,783,091
73$2,885,616$592,965$254,717$1,856,998
74$3,092,162$534,234$175,464$1,937,355
75$3,317,011$469,860$90,791$2,024,888
76$3,561,943$399,480$428$2,120,401
77$3,828,915$322,708$0$2,224,788
78$4,120,083$239,140$0$2,353,383
79$4,437,820$148,346$0$2,493,945
80$4,784,737$49,874$0$2,647,679
81$5,163,709$0$0$2,815,988
82$5,577,900$0$0$3,022,907
83$6,030,794$0$0$3,270,861
84$6,526,228$0$0$3,542,203
85$7,068,426$0$0$3,839,261
86$7,662,038$0$0$4,164,595
87$8,312,187$0$0$4,521,026
88$9,024,513$0$0$4,911,659
89$9,805,226$0$0$5,339,916
90$10,661,170$0$0$5,809,563
91$11,599,877$0$0$6,324,752
92$12,629,648$0$0$6,890,052
93$13,759,623$0$0$7,510,498
94$14,999,870$0$0$8,191,636
95$16,361,481$0$0$8,939,575
96$17,856,672$0$0$9,761,044
97$19,498,902$0$0$10,663,456
98$21,302,996$0$0$11,654,978
99$23,285,286$0$0$12,744,607
100$25,463,766$0$0$13,942,253